An embarrassing and potentially damaging controversy is emerging in Islamic equity funds. Because of the way the vast majority have been handled by mainstream brokers, many may not be as Shariah-compliant as investing customers would expect.
Many Islamic equity funds are managed by conventional asset managers that may operate a large number of funds, of which only a few are marketed as Shariah-compliant. There will be overlap between the stocks held in the Shariah-compliant funds and the other funds.
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